The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-05-08
rhe Transfers for the Last Week Greater in
Number and in Amount than During
the Preceding Six Days.
How Some ToO-Greedy Landowners
Lose by Unreasonable Advances.
Review Of Transactions During the Last Few
Days, and the 0utlOok-Some Large Sales
New Buildings Being Erected.

There Is EeAOinoSS 10 Uuy winch men expert
snced in the business say is uuequaled. An
der current of desire may exist among few
push the market into a dangerous condition. but
tho people who make purchases will not have it.
This was more noticeable at the close OF the pre-
ceding week, when every holder Of real
estate thought he could ask a 100 per-
cent. advance and get it a readily
he could one quarter that sum. Indeed. sellers
we're the confused by natural-Gas talk, and the
prospect of speculation, and some of them would
fix price one hour and advance it the next
but the buyers were iudicious They had money
and meant cash transactions in which they
were not going beyond iudicIous limit About
ten days ago few young men, who had spare
money, formed a syndicate ard ofTerd
tho holder of certain trust property
sl2,5O0 for n tract of land the
Belt. They wanted to secure it and
hold for advance any possible
offer thai might come from manufacturing firms
But the bidders were somewhat abashed by the
trustee refusing the offer and putting the prop
erty up to $4,000, with the statement that he
could get that for it A caucus of the syn
dictate was held. and within an hour the bidders
were again with the trustee, offering SIT, 000 but
bv that time he had advanced the price to
$40, 00G. That put the syndicate out of the deal,
but its representatives were approached the next
day by the trustee with offer to sell at $l7, 500
No trade was made. Three gentlemen from one
of the small gas towns came here week before
last with SAC. 900 TO invest in outside property.
Several tracts OF land were considered
but no sooner were negotiations begun than the
holders began to advance their figures Sales
were about closed when another advance
made. and this the investors would not enter
tain; hence the deals not perfected. A few
TO their senses. Some of them withdrew
their property from the market TO wait the 100
per cent which it is not probable they will
ceve, but during last week the transactions have
been almost wholly free from this desire to OBJ
tain more than land or improved lots are worth.
There has been an advance. yet it is not greater
than could be expected under healthy develop
meut.
People are buying property to hold or to i'm
prove. Real estate to them is a safe investment
for surplus money which the banks do not want,
and which fine no securities to pay better
of interest Again, the determination not
TO buy on feverish market has forced figures
down to what the property is really worth. 1t
Is these conditions that have given the sales dur
ing the week such substantial showing and
made the future bright for still greater trans
actions on a sound basis In the
steady growth of the market, great as it is,
there were exciting features. but there were
not wanting few incidents that exhibit the
eaeerness of purchasers. There is a sixty-tbou-
sand-dollar negotiation pending, in which diff
ference of only 81 500 between buyer and seller
prevents the trade from being consummated.
The property will pay 6 per cent net in
rents, which SHOWS an exorbitant adj
vance of prices About two months ago,
at public sale, piece of improved
property on East Washington street. between
East and Liberty, was sold for 81 900. A few
days ago, at another public sale, the same prop
erty with the same bidders present, brought
So, 1876 The bidding was lively, and the pur-
chaser, shortly after the sale received an offer
of $500 for his bargain. Land in acres adj
vanced some but not out of proportion, consid-
ering the active demand for such property.
During tho week there were frequent calls for
inside improved lots for residence purpose This
feature not SO prominent in the market dur
ing the preceding week
IL the statement of n real-estate dealer,
which he gives on direct inform alton from New
York holds good, the sales during the coming
week will largely exceed the highest aggregate
heretofore attained in y weeks transaction. He
says that New York syndicate controlling
$1,000 900 has been formed. A large part of
this money it is proposed to invest in real estate
in this city. The representatives of the syndi-
cate are to be here this week. But. aside
from the influence OF such investors,
there is sufficient healthy force In the
market to make the sales from Monday to next
Saturday unprecedentedly large. "A week ago
Saturday the transactions actually recorded for
the preceding six days were represented In loI
transfers and an aggregate of 1906, 253. %. Last
night the week closed with an increase OF TWEEN
ty-hve transfers, 1872 in all, and with advance
in aggregate value of $40, 0s9. OIL. the amount be-
ing 1876. 342 "a. while that of the week before
1906. 253 %.
The features of the last six days deals ap-
peAreQ III the IOllOWlnR ShleS' HHry -. ANoHo-
doll to VIM. w. Winslow, improved lot on
North Mississippi street, near the State. house
for $4,000; VIM Bickford TO James w. Morris.
six lots in Woodruff Place. for S., 1000. two OF
which were afterwards sold for So, 400 Con-
necticut Mutual Life to Catharine H. nus
chaupt twenty-one feet ten and half inches in
the block on East Washington street. just west
Of the COURTHOUSE square, for SO, 500; F. NJ
Churchman to Joseph III. Clark, nineteen lots IN
Fqlmsrs Subdivision; for so,eOo' this property IS
for which the purchaser has been Of
fered advance of $50 on each lot;
VIM Wallace to the Central Chair Company,
twenty.eight lots of the Fletcher G. sharpe trust
in McGills subdivision. South West street,
fer $50. 600; Horace r. Allen to Charles L.
Reynolds twenty lots in Parker & Hanway s
additions. northeast of rho city. for $4,000; Lo-
REM Schmidt Daniel Nj. Ransdell, lot in Sam
uel Merrilrs subdivision, on South Delaware
lei S. Wood. part of lot on
the southeast side OF Circle street, $4,000;
Ed Schurman to John 6. Lazarus and Robert +.
Pierce "a "a acres on Illinois ana Tenth streets
81. 1862; Michael H. Spades TO Nathan Morris. lot
corner of Massach usstts avenue and Bellefon-
taine street, IS, 500; Ellen NJ. Thurston to y +.
Sh-esn. lot in Goes subdivision, 81 500; Central
Chair Company to Eagle machine works,
property on Missouri rs street Si Ri 400
property on Massachusetts avenue. 81
Andrew A. Heller to Carl Won Hake, two lots in
Mary and George Holmans addition: on Lincoln
and Park avenues, $4 000 Thomas vi. Barrett to
J. G. f. Scovel two lots in William Ii. Morri
sons second addition. $1,000; James t. Laymar
TO Philip +. Mutchner, property coner OF Dela
ware and King streets @l8 400: Julius f. Pratt
TO William T. Noble. part of lot and two Others
entire in William II. Morrison's second addition
$1,000. The transfers Of yesterday exceeded II
value those of any day for years Ihey were
as follows
Martha A. Lang TO Chas. R. Miles. part OF
lot Ia III. l.. Walton's subdivision OF
Hubbard ct al. s southeast addition TO 80 =,
Permela A. Slate to Charles r. Miles:
part Of let 4 in Waltons subdivision OF
in dGUaro Is a. southeast 100000
VIM. Wallace receiver to Addie q. Moor
man. lot 6 in Lincons subdivision OF
apo # FLETCHER irs' AMBITION % -4o. 475ot
Leslie Clark John w. Randall. lots As
and a. in Catharne q. Reeds addition - :,
10 indianapolis oON'"'
James T. Layman and wife to Phillip ~
Mutrr +~fxg half of